Thanks, Ben. The more I study the price movement of precious metals, the more I am inclined to conclude that they are increasingly unpredictable (generally called volatility by others). I just believe that they will have one general direction in the future- up.

I have an initial position in UWTI. Analysts are uniformly forecasting its continued decline but oil company officials don't think it will be long for those forecasts to indicate a brewing supply deficiency. That may sound strange, but apparently some officials believe that production numbers could get in line as soon as March or April. Combine that with world events that could pop at any time, I think it is likely we are forming the bottom now. It may be a little premature to be long crude, so I've only taken an initial position. And UWTI doesn't have a large rate of decay, so I'll hold it a little longer than other 3x ETFs. I've done well trading it so far.

Anyone initiating or adding a position in JDST? Immediate direction beyond $1220 is not clear to me (it may just hit that level again and back off) and we are entering into a weekend (when anything can happen). Thanks.

Sorry, Sprott, but this seems like a new compilation of well-known issues and facts. While I personally believe gold has some superior attributes to fiat money and am greatly troubled by developing events, nothing really new is presented. I would agree in this respect- US and world economic developments are increasingly deviating from the sound principles that has prospered this country in the past. Something is going to give way, and I am not optimistic that it will be good.

Thanks greg. I had hoped to add to my position when JDST broke $8.65 in order to reduce my overall price and give me greater flexibility (hang on and wait for a ride up or exit at a lower overall price without loss). But I missed the opportunity as this ETF moves quickly. So I'll ride it for now. It looks like a lot volume is entering this ETF so far this morning.

It looked good yesterday but not this morning. Gold is on a rise. Curious what you plan to do with your JDST position: keep it as gold peaks and declines, take loss now, or add to you position along the way? I should have stayed on the sidelines, but at least I took a very small position.

I also took a small position in JDST at $9.25. Of course, patience would have allowed me to get a lower entry point, as it may go down to $9. Gold just continues to seem weak when it hits the US market. If it follows the current pattern, it will likely jump back up overnight.

I doubt the outcome will be as you described. Like others, I strongly suspect that banks have been somehow manipulating precious metals (BTW, "manipulating" means that the process somehow violates one or more laws or regulations). But the DOJ has a track record of non-prosecution. When they investigated the BP disaster, they quickly settled on fines. When they investigated the big banks for the derivative disaster, they settled on fines. With each major investigation of an entity or industry, the DOJ chooses to settle and levy fines. No one is prosecuted. It is a perfect way to exercise some power, obtain money and keep entities in check without having to prosecute. Why? Mostly likely so as not to risk exposing members of the government who are parties to the schemes. Or maybe to keep something over the heads of the parties to these schemes so they can extract more money when needed.

IMHO, this DOJ investigation is just another shake-down opportunity. Nothing serious will come of it, other than the prospect of more money for the Administration to fund other shake-down operations. The Administration can't risk de-stabilizing the big banks...just bleed them a little from time-to-time.